Chainlink (LINK) is currently trading at $9.96, reflecting a 24-hour change of -4.61%. The price has fluctuated within a daily range of $9.39 to $10.54, indicating a relatively tight trading environment amidst current selling pressure.

Volume stands at approximately $953 million, equating to a volume-to-market cap ratio of 13.51%, suggesting that there is significant trading activity relative to its market capitalization. The current 1-hour RSI is at 46, showing that LINK is nearing oversold conditions, while the 7-day RSI at 39 indicates stronger bearish momentum in the short term.

Looking at the moving averages, the 8-period SMA is at $9.96, slightly below the 13-period SMA at $9.86, which has a positive slope of 1.06%. However, the longer-term moving averages—specifically the 21 SMA at $10.04 and the 55 SMA at $10.51—are indicating downward trends, with declines of 0.84% and 5.26% respectively.

Over the past week, LINK has seen a price drop of 17.48%, while the 14-day and 30-day changes have been even more severe at -27.45% and -22.34%. These figures suggest a strong bearish trend, highlighting a lack of buying interest in the market recently.

Chainlink's all-time high of $52.70, reached in May 2021, emphasizes the potential for recovery but also the distance the asset has to cover to regain bullish sentiment. The recent downtrend in price, compounded by the negative changes over the past weeks, underlines the pressing need for a market reversal to restore confidence among investors.

Given the current bearish indicators, particularly the low RSI levels and the overall negative price momentum, the recommendation is to Sell. Continued downward pressure and the inability to break above key resistance levels suggest that LINK may further decline in the near term.